Lido starts V2 and releases Staked Ethereum for payouts
Lido starts V2 and releases Staked Ethereum for payouts
The market leading platform for liquid operations Lido has made it possible to withdraw from set -off ETH. The step took place when Lido started the V2 upgrade live on the Mainet on May 15th.
The upgrade is the largest for the protocol so far and consists of two main components:
"Lido V2 introduces two main components, the most user-oriented aspect being the withdrawal of Ethereum. This enables ETHEREUM-Stakers to replace the ETH directly via the protocol."
lido now has a payout page on which users can deposit their Steth token to get ETH in return.
After a successful on-chain vote, Lido V2 is officially da.https: //t.co/36emuagtod
- lido (@lidofinance) 15. May 2023
live payments via lido use
lido pointed out that the Steth or Wsteth payout period can take between 1 and 5 days under normal circumstances. In addition, the Steth injected in the protocol is burned to release the ETH in a ratio of 1: 1.
In the announcement, it was added that the upgrade reduces a number of earlier inconvenience in connection with Lido at Ethereum connecting experience. In addition, "it enables more efficient use of the ETH used by Lido in the entire Ethereum Defi ecosystem."
The token-Unlocks-dashboard predicts an increase in the withdrawals for May 16. It reports that there are currently 45,830 ETH in the outstanding withdrawal queue, which will probably still increase as soon as lido stakers start with withdrawal.
It is estimated that almost 7,000 ETH worth around $ 12.6 million will be withdrawn in the next eleven hours.
The dashboard from Nansen still reports that there are more deposits than payments on the Beacon. It is also claimed that a total of 20 million ETH is Gestaked, although this should probably be a bit high, since the Beaconcha.in-Explorer claims 18.3 million
6.274.752 ETH are in use @lidofinance . That is over 29 % of the total deposits!
And today Lido will enable ETH withdrawals for the first time
What will happen? Nobody knows, but you can follow it with our dashboard: https://t.co/dfbiirsdxmhttps://t.co/1evvjbdznm
- nansen 🧭 (@nansen_ai) 15. May 2023
V2 also includes an upgrade, which is referred to as a stop router. This new modular component enables the development of entry ramps for new node operators. It promotes the diversity of use by enabling solo stakers, DAOS and DVT cluster (Distributed Validator Technology).
ETH price reaction
Ethereum prices have dropped slightly that day and are traded at $ 1,812 at the time of writing. ETH declined by 13 % last month because the cryptoma markets continue to correct.
lido has 29 % of all the ether used, so withdrawal could lead to a certain sales pressure on the markets at short notice.
his native LDO token gained 7.2 % that day and rose to $ 2.09 at the time of writing. In addition, the lido-dao tokens have risen by 15 % last week.
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